Melco Resorts & Entertainment (NASDAQ:MLCO) Sees Large Volume Increase – Time to Buy?

Melco Resorts & Entertainment Limited (NASDAQ:MLCO) shares saw an uptick in trading volume on Wednesday . 5,534,763 shares changed hands during trading, an increase of 149% from the previous session’s volume of 2,225,682 shares.The stock last traded at $5.9820 and had previously closed at $6.23.

Wall Street Analysts Forecast Growth

Several analysts recently issued reports on the stock. Zacks Research downgraded shares of Melco Resorts & Entertainment from a “strong-buy” rating to a “hold” rating in a report on Thursday, October 16th. JPMorgan Chase & Co. reissued a “neutral” rating and set a $7.70 target price (down previously from $11.00) on shares of Melco Resorts & Entertainment in a research report on Friday, January 16th. Wall Street Zen downgraded Melco Resorts & Entertainment from a “strong-buy” rating to a “buy” rating in a research report on Saturday, December 27th. Finally, Weiss Ratings reissued a “sell (d)” rating on shares of Melco Resorts & Entertainment in a research report on Wednesday, October 8th. Four equities research analysts have rated the stock with a Buy rating, three have issued a Hold rating and two have issued a Sell rating to the company’s stock. According to MarketBeat.com, Melco Resorts & Entertainment has an average rating of “Hold” and an average target price of $7.85.

Melco Resorts & Entertainment Stock Performance

The firm has a market capitalization of $2.53 billion, a price-to-earnings ratio of 23.15 and a beta of 0.66. The firm’s 50-day moving average price is $8.03 and its two-hundred day moving average price is $8.60.

Melco Resorts & Entertainment (NASDAQ:MLCO) last posted its quarterly earnings results on Thursday, November 6th. The company reported $0.21 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.11 by $0.10. The firm had revenue of $1.31 billion during the quarter, compared to analyst estimates of $1.28 billion. Melco Resorts & Entertainment had a net margin of 2.06% and a negative return on equity of 23.00%. The company’s quarterly revenue was up 11.5% compared to the same quarter last year. During the same quarter in the prior year, the business posted $0.06 earnings per share. As a group, equities research analysts anticipate that Melco Resorts & Entertainment Limited will post 0.16 EPS for the current year.

Institutional Trading of Melco Resorts & Entertainment

Several institutional investors have recently bought and sold shares of MLCO. SG Americas Securities LLC grew its position in Melco Resorts & Entertainment by 45.3% in the fourth quarter. SG Americas Securities LLC now owns 158,491 shares of the company’s stock valued at $1,200,000 after acquiring an additional 49,400 shares during the period. Tudor Investment Corp ET AL acquired a new stake in shares of Melco Resorts & Entertainment in the 3rd quarter valued at $113,000. CANADA LIFE ASSURANCE Co grew its holdings in shares of Melco Resorts & Entertainment by 15.1% in the 3rd quarter. CANADA LIFE ASSURANCE Co now owns 23,260 shares of the company’s stock worth $228,000 after purchasing an additional 3,060 shares during the last quarter. Caxton Associates LLP acquired a new stake in shares of Melco Resorts & Entertainment during the 3rd quarter worth about $3,677,000. Finally, PharVision Advisers LLC bought a new position in Melco Resorts & Entertainment during the 3rd quarter valued at about $406,000. Institutional investors and hedge funds own 39.62% of the company’s stock.

About Melco Resorts & Entertainment

Melco Resorts & Entertainment Limited (NASDAQ: MLCO) is a developer, owner and operator of integrated resort destinations in Asia and Europe. The company’s portfolio spans casino gaming, hotel accommodations, retail, dining and entertainment facilities. Melco’s properties feature a mix of luxury hotels, award-winning restaurants, high-limit gaming salons and entertainment venues, catering to a broad range of leisure and business travelers.

In Macau, Melco owns and operates flagship properties including City of Dreams Macau, Altira Macau and Studio City.